For savers and investors who need a place to park their cash, near-zero interest rates have become the new normal. Those with the need for absolute safety for their liquid cash have come to grudgingly accept the low interest offerings in bank savings and money market accounts because there are not many alternatives. For the more diligent saver, however, higher rates can be found with a search of money market accounts online. If you are comfortable with conducting savings transactions primarily through the Internet with a bank located thousands of miles away, you will likely find a money market account (MMA) that pays double or even triple the interest rates offered by your local bank. In today's rate environment, that means earning around 1% on your money, which still isn’t much, but it can seem like a small victory. However, as you conduct your search for the best money market account, it is important to know what to look for.

What to Look For in an Online Money Market Account

These are the factors to consider when searching for the best money market accounts:

• No or low minimum deposit: Many MMAs require high deposits to receive the best rates, but there are plenty that don’t.

• High average percentage yield (APY): Always compare APYs and not promotional intro rates.

• No or low fees: Most MMAs charge monthly maintenance fees. Some will waive it for those who maintain minimum balances. The best MMAs don’t charge fees at all.

• A complete banking experience: Although investors conduct most of their business online, things such as check-writing privileges, ATM access, remote check deposit, online bill pay, and 24/7 account access and service make it a complete banking experience.

The following are five of the best money market accounts in 2016.

Discover Bank

Discover Bank, which is a part of the Discover Financial Services, Inc. (NYSE: DFS) network, delivers one of the better remote banking experiences, with access to more than ATMs, debit card access and online account management with bill pay, remote deposit and check-writing. It delivers all of that along with a 0.8% APY, requiring no minimum deposit and no monthly maintenance fees.

Ally Bank Money Market Account

Ally Bank, a part of Ally Financial (NYSE: ALLY), has risen to the top of cloud-based banking with its combination of superior customer service, valuable perks and high interest rates. As of April 6, 2016, its APY was 0.85%, with no minimum deposit requirement and no monthly maintenance fees. In addition to check-writing privileges, depositors are allowed to make unlimited ATM withdrawals, and they can make deposits via mobile check deposit using their smartphones.

Sallie Mae Money Market Account

Known primarily for being the largest provider of student loans, Sallie Mae has branched out as a financial institution offering online banking. As of April 6, 2016, Sallie Mae (NASDAQ: SLM) offered a 0.9% APY on its money market account. There is no minimum deposit requirement and no monthly maintenance fees. The account offers check-writing, remote deposit and online account management.

ableBanking Money Market Savings

AbleBanking is the online banking division of Northeast Bank, a Maine-based community bank with 10 branches. As of April 6, 2016, its money market savings account offered a 1% APY. A minimum deposit of $250 is required to open an account, but there are no monthly maintenance fees. For new customers, ableBanking will donate $25 to a charity of the clients' choice. There are no check-writing privileges and remote deposit service. However, it is easy to transfer money between external accounts and an ableBanking account.

The Dime Savings Bank of Williamsburgh

The Dime Savings Bank of Williamsburgh, a division of Dime Community Bancshares, Inc. (NASDAQ: DCOM), has 25 locations throughout New York City, but it also operates one of the fastest-growing nationwide, online savings accounts. As of April 6, 2016, the APY on its money market account was 1.1%. The account requires a $1,000 deposit, but there is no minimum balance requirement and no annual maintenance fee. Depositors can use mobile apps to conduct most transactions, including remote deposit and account transfers.

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